Iraq: Is it about oil or international oil trade?

Question

Do you think the Russians hold a grudge for the fall of the USSR?
I do.
Do you think if they see an opportunity to cause the fall of the USA they'd take it?
I do.
Russia has emerged as the second largest oil exporter behind Saudi Arabia. Since the early 1970s, when the USA went off the gold standard, it has been the international trade in oil that has supported the value of the dollar. All oil exporting countries have demanded payment for oil in dollars. These are called petrodollars. Without this trade in dollars, U.S. currency would be virtually worthless.
In 2000, Iraq started demanding payment for it's oil in Euros. Soon after, Jordan, Iran, and Venezuela also started trading oil in Euros. All of these countries were close allies to the old USSR.
Interestingly, France and Germany, two major countries in the EU, did not back the U.S. and the UK in the Iraqi invasion, which clearly was to stop the trade in Euros and not for WMD.
The situation is much more dire than being presented by the government. If only one more major oil exporter switches to trading oil in Euros, the U.S. dollar is going to crash. It will cause a depression here in the USA several times worse than the great depression. There is 2700 trillion U.S. dollars tied up in the international commodities market. If the Euro replaces the dollar as the international currency, the U.S. will have to buy all that script back.
Think about the effects of that.

Answer 1

it doesn't matter whatever currency you might want to trade with, euro, yen, or US dollar, the issue is about oil...your observation is impressive but it's more of an ungrounded theory of the fall of dollar...dollar has been use and being use so far by most traders around the world simply because they don't want to risk any transaction that utilises any other currency, they deemed the US dollar to be reliable because of the performance of the economy, the political will and power of the country. so they believe that to use the american currency is secure, this also prompted ecuador to adopt the US dollar as their official currency . unfortunately, at present time the US dollar is not doing well as we expect that from the normal cycle of recession.

Answer 2

Although the international oil market is important in the dollar's value on the international exchange, other factors as well are effecting the decline in the dollars use in international exchanges.
A major problem is the trade deficit the U.S. has with its trading partners. As U.S. companies sell less abroad, fewer dollars are purchased on the currency market to pay for U.S. made products.
Another big concern among international traders is the U.S. government's spending deficits. The U.S. is accumulating much more debt than it can pay off. This makes other countries question the long term value of the dollars they hold.
Since oil is the largest commodity traded on the international market, the currency used in its trade is important. But, the USA must look at other methods than its military to support the value of its dollar.

Answer 3

No, I don't think the Russians want to see America fall. Did you know that in Russia electricity is free ?! and the Russians turn off the light when they left the apartment . They have huge amount of natural resources but is too bad they don't have the right leaders.
You guys r the one who should look at your on problems and not care so much about others. You spend a lot of money on others things that for your own people.
URSS do not exist anymore. There is only Russia. The other country's who formed URSS have they own presidents and government .
The problem , i think , is you ,as a nation, consume more than you can produce and the natural resourecs are less and less to support your life style. You don't have to look every time in history to see or make the future.

Answer 4

Because it's heavily consumed by US jet fighters in Iraq. If it's due to China's emerging economy, then the price should have gone up when China started subscribing to capitalism.

Answer 5

I think it is about the oil trade, if you disrupt the flow of oil in the mid east the cost of oil will rise, this from a secret meeting that Bush had with the CEO's of the big oil company's to set energy policy. This plan was aided by the terrorist activity of 9/11. While Saddam had nothing to do with it Bush blamed him in order to attack Iraq. I would call for an investigation into the money trail to find it coming back to some of the highest offices in the land.

Answer 6

Most of old Europe considers itself to be "cultured, civilized, and elite". They have always considered the United States to be a less civilized, less dignified country. That is all you need to know about Europe.

Answer 7

Euros started in 2002. How do you explain it now????
Back to the conspiracy board, hippie.

Answer 8

It's about terrorism, despotism and WMD's.

Oil is secondary. We really don't care who controls the stuff, as long as terrorists can't get the revenues.

It's never been about anything else. Just nasty Muslims killing people.

Answer 9

Economics always involved- isn't it so in your life? Russians- they cannot be trusted-

Answer 10

I agree. But I also believe it's about terrorism.